Investors banking on blue-chip retail assets

Investors were banking on the CBA when five keen buyers pushed auction bidding of 49-51 Puckle Street to a steep price of $6.1 million. The blue-chip property is tenanted by CBA on a three-year lease and offers significant future development potential. The sale was handled by Allard Shelton’s James Gregson, Michael Ryan and Joseph Walton.

Banyule City Council has secured the Department of Education and Training Victoria as a new tenant at 1 Flintoff Street in Greensborough.

Frankston

Well-leased medical centres are attracting investors. An owner-occupied corner property at 374-378 Nepean Highway sold for $5.6 million on a yield of 3.2 per cent. The property leased to two national medical providers, Psoriasis Eczema Clinic Australia and CPAP Australia, CBRE’s Josh Twelfree, Scott Orchard, Sandro Peluso and Kinson Wong said.

Mount Waverley

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Gorman Commercial’s Stephen Gorman and Dean Alexander sold at auction the vacant 760 sq m office/warehouse with eight on-site car parks at Unit 8/28 Ricketts Road, for $1.1 million to a local investor.

Moorabbin

A two-level freestanding office building at 12 Nellbern Road sold at auction for $960,000, representing a building rate of $2400 per sq m. Located in a tightly-held industrial precinct, the recently refurbished property has container access, CVA’s Seamus Bolst and John Nockles said.

Preston

The EOI campaign for 264-266 Raglan Street got 65 enquiries from local and offshore buyers. A local developer beat four other parties to pay $5.02 million for the property. It fetched a land rate of $2850 per sq m. Allard Shelton’s Michael Ryan and Martin Huang handled the sale in conjunction with David Butera and Robert Butera of Mulchay Butera & Co.

Pakenham

Strong bidding at auction saw a property at 4/2 Waterford Rise fetch $62,000 above reserve, selling to a local investor for $612,000. Facey Industrial Commercial’s Adam Martin and Graham ‘Josh’ Kendall were responsible for the result.

Mornington

Two shops and an apartment at 157 Main Street and 1 Barrett Lane (on one title) sold at auction for $2.9 million for a record low yield of 3.52 per cent. Both shops leased to cafes realised a land rate of $10,357 per sq m, Chris Kombi and Mark Talbot from Fitzroys said.

Mont Albert

A single-level retail shop at 6 Hamilton Street in blue-chip Mont Albert Shopping Village was put on the market at $790,000 and sold for $900,000 in a hotly contested auction. The sale reflected a 3.6 per cent yield, Dean Alexander and Alex Browne from Gorman Commercial said.

Clayton

Two tenanted buildings at 28-32 Buckland Street sold under the hammer for $3.69 million to a Sydney investor on a 4.9 per cent yield. The property generates gross rental of $182,884 per annum. Building 1 is on a 4+4 lease and building 2 is leased on a 5+5 agreement. Paul Rizzo and Joshua Colosimo of Ray White Commercial Oakleigh brokered the deal.

Croydon

A Melbourne-based investor has paid $1.72 million for adjoining shops at 75 and 77-79 Main Street. The 95 sq m property at number 75 sold subject to a three-year lease bringing in $29,000. Shop 77-79 was also tenanted on a 3+3 lease at $55,000 per annum, Teska Carson’s Fergus Evans and Adrian Boutsakis said.

Hampton

Two adjoining retail properties at 468-470 Hampton Street sold at auction to a developer for $2.6 million on a 3 per cent yield. Both shops have long-standing tenants returning combined annual rental of $77,032. Teska Carson’s Fergus Evans, George Takis and Michael Taylor handled the deal.

Oakleigh

Inspiration Paints, the long-term tenant at 55-61 Atherton Road, has purchased its building at auction from State Trustees for $8.81 million. Eight bidders pushed the price to a sharp 1.76 per cent yield, Beller Commercial’s Fred Nucara said.

Springvale

The 230 sq m showroom at Unit 2, 841 Princes Highway, sold to a local investor for an undisclosed sum. Zeev Kitchens has leased the property since 2012 paying $72,161 per annum on a yield of 4.89 per cent. John Nockles and Daniel Philip from CVA brokered the sale.

Clothing boutique Avery & Arlo stitched up a shop at 40 Ferguson Street, signing a 3+3 lease for the 55 sq m site. Allard Shelton’s Jess Fulton closed the deal with a rental of $38,000 per annum at a rate of $690 per sq m.

St Kilda

Blueprint Group is moving to larger offices at 181 St Kilda Road after outgrowing its existing premises, signing a five-year lease on 200 sq m of space for a net annual rental of $60,000. Knight Frank’s Alex Bolton brokered the deal.

Brooklyn

A 1100 sq m clear span warehouse at 17 Link Court has been leased by ICR Property Group’s Raff De Luise and Julian Materia on a two-year term at $90,000 net per annum. The property has easy access to the CBD, as well as major arterial roads such as the M1 freeway.

Greensborough

Banyule City Council has secured the Department of Education and Training Victoria as a major new tenant for its recently completed council complex at 1 Flintoff Street. CBRE’s Elise Betts and Gianni Macdonald negotiated the five-year lease on the 1320 sq m office space for a net rental of $350 per sq m.

Footscray

Knight Frank’s Alex Bolton negotiated a three-year lease on 9 Victoria Street for a net annual rental of $170,000. Yarraville Community Centre is expanding its headquarters in the 664 sq m office space.

Ashburton

Established Asian food vendor Timbarra Thai has taken a 5+5+5 lease on the 114 sq m shop at 305 High Street on annual rent of $45,000. Rory White’s Gray Johnson negotiated the terms. Meanwhile, in South Yarra new business Blue Rose Baguette Cafe leased a 75 sq m single-level space at 350 Chapel Street for $55,000 per annum under a five-year lease. Scott Ashby handled the negotiations.